Prezzo restaurant expansion pays off
Wednesday 9th April 2008 14:03
Prezzo’s expansion into the provinces from its London and south-east heartland has paid off with sales up 29% in 2007.
The company, which operates 127 restaurants across the UK under the Prezzo, Chimichanga, Ultimate Burger and Immo brands, opened 32 restaurants last year and saw sales grow to £70.1m (2006: £54.2m).
Pre-tax profit rose 25% to £13.6m.
Jonathan Kaye, chief executive of Prezzo, said: “We continue to be encouraged by the versatility and resilience of the Prezzo brand, as we have successfully expanded to a diverse range of different locations.”
Prezzo opened sites in Harrogate, Hull, Cardiff, Falmouth and Exeter in 2007 and since the New Year has opened a further five sites.
Five more sites will open this year reflecting the operator’s caution surrounding the currently challenging trading environment.
Prezzo profits set to be lower as expansion costs hit home
Industry data: Top 20 restaurant groups in 2007
Expansion drives first-half sales at Prezzo
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